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articles | 29 March 2019 | ServPRO Accountants & Consultants

Cyprus 2019: Strong Growth of 4%

In a written statement, Government Spokesman Prodromos Prodromou said that important conclusions can be drawn from the 6th Post-Programme Surveillance (PPS) assessment report which refers to the huge progress of the Cypriot economy. “As it is noted, despite some signs of fatigue in the international economic environment, Cyprus stands out in 2019 with a strong growth of 4%”.

Cyprus’s sixth PPS mission took place last week, on March 18th through March 22nd, 2019. Members of the European Commission in cooperation with members from the European Central Bank conducted the operation, which was coordinated by an International Monetary Fund “Post Program Monitoring” mission. Members of the European Stability Mechanism (ESM) participated as well, on aspects related to the ESM`s Early Warning System.

Prodromos Prodromou agreed with the remarks noted during the 6th Post Program Review for the need to continue with reforms and confirmed the broader plans of the President and his government.

Mr. Prodromou also noted that Cyprus’s significant reforms in the public sector and the local government are on going and stressed the importance of the government’s proposals on the improvement of the investment environment, to be approved.

“As the report of the supervisory authorities notes, the reform promoted by the government in the judicial system is also of great importance, while the implementation of the national health system towards which the government proceeds with consistency, is also of paramount importance” he said.

However, Mr. Prodromou cautioned that non-performing loans remain a big challenge for the economy. “Therefore, efforts need to be continued, while we must be aware that the volume of problematic loans is not just an issue of government policy, but a matter that depends on and must be addressed by the political system as a whole and the society more widely”.

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